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USFinancialData
October 31, 2013
Advance Edition
Calendar of Releases
Titles for the current week are links to their respective releases.
MONDAY*
TUESDAY
WEDNESDAY
THURSDAY*
FRIDAY
October 28
October 29
October 30
October 31
November 1
Industrial Production (Sep)
PPI (Sep)
A: 0.6%
PF: 0.4%
A: -0.1%
PF: 0.2%
A: 0.2%
Capacity Utilization (Sep)
A: 78.3%
PF: 78.0%
CPI Core (Sep)
A: 0.1%
PF: 0.2%
Core PPI (Sep)
A: 0.1%
PF: 0.1%
Retail Sales (Sep)
A: -0.1%
PF: 0.1%
CPI (Sep)
PF: 0.2%
Initial Claims (10/26)
A: 340K
PF: 340K
ISM Index (Oct)
A: N/A
PF: 55.0
Latest Issue
Latest Issue
Internat'l Economic Trends National Economic Trends
FOMC Meeting
Statement
Business Inventories (Aug)
A: 0.3%
PF: 0.3%
November 4
November 5
Factory Orders (Aug)
CF: N/A
PF: 0.3%
ISM Non Mfg Index (Oct)
CF: N/A
PF: 54.0
Factory Orders (Sep)
CF: N/A
PF: 1.2%
Latest Issue
Monetary Trends
November 6
November 7
Initial Claims (11/2)
CF: N/A
PF: N/A
CF: N/A
GDP (Q3)
PF: 2.1
Consumer Credit (Sep)
CF: N/A
PF: $11.0B
November 8
Consumption (Sep)
CF: N/A
PF: 0.2%
Personal Income (Sep)
CF: N/A
PF: 0.3%
Core PCE (Sep)
CF: N/A
PF: 0.2%
Nonfarm Payrolls (Oct)
CF: N/A
PF: 128K
Unemployment Rate (Oct)
CF: N/A
PF: 7.3%
November 11
November 12
November 13
Treasury Budget (Oct)
CF: N/A
November 14
Initial Claims (11/9)
CF: N/A
November 15
Industrial Production (Oct)
CF: N/A
International Trade (Sep)
CF: N/A
Capacity Utilization (Oct)
CF: N/A
Productivity (Q3)
CF: N/A
Import Prices (Oct)
CF: N/A
Unit Labor Cost (Q3)
CF: N/A
DEFINITIONS: A, actual value; PF, previous week’s forecast; CF, current week’s forecast; K, thousand; M, million; B, billion.
*The Board of Governors of the Federal Reserve System provides H.3, H.4.1, and H.6 releases each Thursday and H.10 and H.15 releases
each Monday.
Forecast data are from Thomson Reuters. Thomson Reuters, 20. All Rights Reserved. Use, duplication, or sale of this service or the
data contained herein, except as described in the Federal Reserve Bank of St. Louis Subscription Agreement, is strictly prohibited.
research.stlouisfed.org
Contents
Page
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Adjusted Monetary Base
Adjusted Reserves
MZM
M2
Composition of Federal Reserve Assets and Liabilities
Reserve Bank Credit and Selected Categories
Other Federal Reserve Balance Sheet Items
Yields on Selected Securities
Corporate Bond Spreads and Mortgage Interest Rates
Yields on Nominal and Inflation-Indexed Treasury Securities
Federal Funds Futures Market
Equity Price Indices
Crude Oil Prices
Natural Gas Prices
Exchange Rates
Currency, Savings, and Small Time Deposits
Institutional and Retail Money Funds, and Borrowings from Federal Reserve Banks
Bank Loans
Commercial Paper Outstanding
Reference Tables
Notes
Conventions used in this publication:
1. Unless otherwise indicated, figure and table data are weekly and seasonally adjusted.
2. For pages 10, 14, 15 (top chart), 16 (top chart), and 22 (top table), the last observation is a daily average that incorporates all available data at the time of publication, which usually includes observations for the first three trading days of
the week (Monday through Wednesday). The previous observations signify that week’s average.
We welcome your comments addressed to:
Editor, U.S. Financial Data
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
or to:
stlsFRED@stls.frb.org
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of St. Louis. For more information on data in this publication, please visit research.stlouisfed.org/fred2
or call (314) 444-8590. To be added to our free email notification list, please visit our web site at research.stlouisfed.org/publications/usfd.
updated through
10/31/13
U.S. Financial Data
Adjusted Monetary Base
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
3700
3600
3500
3400
3300
3200
3100
3000
2900
2800
2700
2600
2500
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2012
May
Jun
Jul
Aug
Sep
Oct
2013
Adjusted Monetary Base
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
10/31/12
01/23/13
04/03/13
05/01/13
05/29/13
06/26/13
08/07/13
04/03/13
32.5
05/01/13
32.6
46.4
05/29/13
34.4
46.5
39.9
06/26/13
34.9
45.0
39.4
42.5
08/07/13
36.4
45.0
41.3
43.7
09/04/13
36.6
44.3
40.9
42.7
41.5
42.8
10/02/13
36.9
43.8
40.8
42.2
41.2
42.0
39.6
10/30/13
37.0
43.2
40.4
41.6
40.7
41.2
39.2
09/04/13
42.4
39.1
Research Division
Federal Reserve Bank of St. Louis
3
updated through
10/31/13
U.S. Financial Data
Adjusted Reserves
Seasonally Adjusted
Billions of dollars
2600
2500
2400
2300
2200
2100
2000
1900
1800
1700
1600
1500
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2012
May
Jun
Jul
Aug
Sep
Oct
2013
Adjusted Reserves
To the average of
two maintenance
periods ending:
Compounded annual rates of change, average of two maintenance periods ending:
10/17/12
01/09/13
03/20/13
04/17/13
05/15/13
06/12/13
07/24/13
03/20/13
52.5
04/17/13
51.1
100.9
05/15/13
53.0
92.4
54.4
06/12/13
59.1
96.0
71.9
87.8
07/24/13
53.8
78.7
55.6
59.0
56.5
08/21/13
58.6
82.9
65.0
70.0
71.3
57.0
09/18/13
59.1
80.8
64.9
69.1
69.9
59.2
88.2
10/16/13
57.0
75.4
60.4
63.1
62.6
53.2
67.9
08/21/13
48.5
Research Division
4
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
MZM
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
12300
12200
12100
12000
11900
11800
11700
11600
11500
11400
11300
11200
11100
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2012
May
Jun
Jul
Aug
Sep
Oct
2013
MZM
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
10/22/12
03/25/13
5.9
04/22/13
6.6
01/14/13
03/25/13
04/22/13
05/20/13
06/17/13
07/29/13
08/26/13
2.6
05/20/13
5.8
2.2
5.5
06/17/13
5.9
2.9
5.8
3.6
07/29/13
6.6
4.5
7.4
6.6
08/26/13
6.7
4.9
7.4
6.8
8.5
9.4
09/23/13
6.7
5.1
7.3
6.8
8.1
8.6
7.1
10/21/13
7.5
6.4
8.7
8.5
9.9
10.7
10.7
9.0
12.4
Research Division
Federal Reserve Bank of St. Louis
5
updated through
10/31/13
U.S. Financial Data
M2
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
11000
10900
10800
10700
10600
10500
10400
10300
10200
10100
10000
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2012
May
Jun
Jul
Aug
Sep
Oct
2013
M2
To the average
of four weeks
ending:
Compounded annual rates of change, average of four weeks ending:
10/22/12
01/14/13
03/25/13
04/22/13
03/25/13
5.3
04/22/13
6.1
2.2
05/20/13
5.5
2.1
6.0
06/17/13
5.3
2.4
5.3
2.8
07/29/13
6.0
4.0
6.9
5.9
05/20/13
06/17/13
07/29/13
08/26/13
7.6
08/26/13
6.2
4.4
7.0
6.2
7.6
9.0
09/23/13
6.0
4.4
6.6
5.9
6.8
7.6
5.8
10/21/13
6.8
5.6
7.9
7.5
8.6
9.6
9.4
10.3
Research Division
6
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
Composition of Federal Reserve Assets
End of Period Wednesday Figures
Billions of Dollars
4000
Market Adjustment to Treasury and MBS Portfolio
Short-Term Lending to Financial Firms and Markets
3500
Rescue Operations
Operations Focused on Longer-Term Credit Conditions
Traditional Portfolio
3000
Traditional Portfolio and Long-Term Assets
2500
2000
1500
1000
500
0
1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 910
2007
2008
2009
2010
2011
2012
2013
Composition of Federal Reserve Liabilities
End of Period Wednesday Figures
Billions of Dollars
4000
Source Base (not adjusted for reserve requirement changes)
3500
Treasury Financing Account
Traditional Liabilities and Capital Account
3000
2500
2000
1500
1000
500
0
1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 910
2007
2008
2009
2010
2011
2012
2013
Research Division
Federal Reserve Bank of St. Louis
7
updated through
10/31/13
U.S. Financial Data
Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
Averages of Daily Figures
Billions of dollars
3900
3600
Reserve Bank Credit
3300
3000
2700
2400
2100
U.S. Treasury Securities
1800
1500
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Jun
Jul
Aug
Sep
Oct
2013
Term Deposits Held by Depository Institutions
End of Period Wednesday Figures
Billions of dollars
12
11
10
9
8
7
6
5
4
3
2
1
0
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Research Division
8
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
Federal Reserve Holdings of Agency Debt and Mortgage-Backed Securities
Averages of Daily Figures
Millions of Dollars
1400
1200
Mortgage-Backed Securities
1000
800
600
400
200
Purchases of Agency Debt
0
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Maturity Distribution of U.S. Treasury Securities Held by the Federal Reserve
Billions of Dollars
900
800
700
600
500
1 Year or Less
5 to 10 Years
400
1 to 5 Years
300
Over 10 Years
200
100
0
1 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 910
2007
2008
2009
2010
2011
2012
2013
Research Division
Federal Reserve Bank of St. Louis
9
updated through
10/31/13
U.S. Financial Data
Yields on Selected Securities
Averages of Daily Figures
Percent
5
4
Corporate Aaa
Prime Rate
3
2
1
2-Year Swap
30-Day Nonfinancial Commercial Paper
0
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Jul
Aug
Sep
Oct
2013
Percent
4
3
10-Year Treasury
2
1
Federal Funds Rate
FFR Target Range
|
|
||
3-Month Treasury
|
||
0
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2013
Research Division
10
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
Corporate Bond Yields Relative to Yields on 10 - Year Treasury Securities
Averages of Daily Figures
Percent
3.5
Baa - 10Y
3.0
2.5
Aaa - 10Y
2.0
1.5
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Jun
Jul
Aug
Sep
Oct
2013
Interest Rates on 30 - Year Conforming and Jumbo Mortgages
Averages of Daily Figures
Percent
5.3
4.8
Jumbo
4.3
3.8
Conforming
3.3
2.8
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Research Division
Federal Reserve Bank of St. Louis
11
updated through
10/31/13
U.S. Financial Data
Treasury Note Yields
Averages of Daily Figures
Percent
4
30-Year
3
10-Year
2
5-Year
1
0
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Jun
Jul
Aug
Sep
Oct
Jun
Jul
Aug
Sep
Oct
2013
Inflation-Indexed Treasury Yields
Averages of Daily Figures
Percent
2
1
30-Year
0
10-Year
-1
5-Year
-2
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Inflation-Indexed Treasury Yield Spreads
Averages of Daily Figures
Percent
3.0
30-Year
2.5
10-Year
2.0
5-Year
1.5
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Research Division
12
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
Rates on Federal Funds Futures Contracts
Daily Data
Percent
0.30
0.25
0.20
Dec 2013
0.15
Oct 2013
|
|
0.10
Nov 2013
0.05
FFR Target Rate Range
0.00
May
Jun
Jul
Aug
Sep
Oct
2013
Rates on Federal Funds Futures on Selected Dates
Percent
0.14
0.13
Week Ending:
09/05/13
10/03/13
10/30/13
0.12
0.11
0.10
0.09
0.08
Oct 2013
Nov 2013
Dec 2013
Jan 2014
Feb 2014
Mar 2014
Contract Month
Research Division
Federal Reserve Bank of St. Louis
13
updated through
10/31/13
U.S. Financial Data
Dow Jones Industrial Average and NASDAQ Composite
Averages of Daily Figures
Closing Price
February 5, 1971 = 100
17000
4000
16000
3750
Dow Jones (left scale)
15000
3500
14000
3250
NASDAQ (right scale)
13000
3000
12000
2750
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Wilshire 5000 and Standard & Poor's 500
Averages of Daily Figures
January 2, 1980 = 1078.29
1941-43 = 10
19000
1900
18000
1800
17000
1700
Wilshire** (left scale)
16000
1600
15000
1500
S&P* (right scale)
14000
1400
13000
1300
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
*Copyright 2011 The McGraw-Hill Companies, Inc. Standard & Poor's including its subsidiary corporations ("S&P") is a division of
The McGraw-Hill Companies, Inc. Reproduction of this data in any form is prohibited without S&P's prior written permission.
**Source: Wilshire Associates Incorporated, www.wilshire.com
Research Division
14
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
Crude Oil Spot Prices
West Texas Intermediate, Averages of Daily Figures
Dollars per barrel
110
105
100
95
90
85
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Crude Oil Futures Prices
West Texas Intermediate
Dollars per barrel
98
97
10/23/2013
96
10/30/2013
95
94
93
92
91
Dec
Jan
2013
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
Research Division
Federal Reserve Bank of St. Louis
15
updated through
10/31/13
U.S. Financial Data
Natural Gas Spot Prices
Henry Hub, Averages of Daily Figures
Dollars per million btu
4.4
4.1
3.8
3.5
3.2
2.9
2.6
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Natural Gas Futures Prices
Henry Hub
Dollars per million btu
4.0
10/23/2013
3.9
3.8
10/30/2013
3.7
3.6
Dec
2013
Jan
Feb
Mar
Apr
May
Jun
2014
Jul
Aug
Sep
Oct
Nov
Research Division
16
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100
January 1987=100
85
105
Broad Index (right scale)
81
101
77
97
73
93
Major Index (left scale)
69
89
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Exchange Rates
Averages of Daily Figures
Euro/US$
Yen/US$
0.90
105
0.85
99
Euro (left scale)
0.80
93
0.75
87
0.70
81
Japan (right scale)
0.65
75
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Research Division
Federal Reserve Bank of St. Louis
17
updated through
10/31/13
U.S. Financial Data
Currency Component of M1
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1160
1150
1140
1130
1120
1110
1100
1090
1080
1070
1060
1050
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Savings and Small Time Deposits
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
Billions of dollars
1100
7500
1000
7000
900
6500
Savings (right scale)
800
6000
700
5500
Small Time (left scale)
600
5000
500
4500
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Research Division
18
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
Institutional and Retail Money Funds
Averages of Daily Figures, Seasonally Adjusted
Billions of dollars
1900
1700
Institutional Money
1500
1300
1100
900
Retail Money
700
500
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Jun
Jul
Aug
Sep
Oct
2013
Total Borrowings from Federal Reserve Banks
Averages of Daily Figures
Billions of dollars
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Note: Total borrowings include loans to depository institutions for primary, secondary, and seasonal credit, primary dealer and other broker-dealer credit.
This category also contains asset-backed commercial paper money market mutual fund liquidity facility, credit extended to American International
Group, Inc.,net, term asset-backed securities loan facility, and other credit extensions. Term auction credit is excluded.
Research Division
Federal Reserve Bank of St. Louis
19
updated through
10/31/13
U.S. Financial Data
Bank Loans and Credit
All Commercial Banks in the United States, Seasonally Adjusted
Billions of dollars
Billions of dollars
10200
7700
10100
7600
Bank Credit (left scale)
10000
7500
9900
7400
9800
7300
Loans and Leases (right scale)
9700
7200
9600
7100
9500
7000
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Commercial and Industrial Loans
Seasonally Adjusted
Billions of dollars
Billions of dollars
1630
900
1590
875
All Banks (left scale)
1550
850
Large Banks (right scale)
1510
825
1470
800
1430
775
1390
750
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2013
Research Division
20
Federal Reserve Bank of St. Louis
updated through
10/31/13
U.S. Financial Data
Commercial Paper Outstanding of Nonfinancial Companies
Seasonally Adjusted
Billions of dollars
260
250
240
230
220
210
200
190
180
170
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Jun
Jul
Aug
Sep
Oct
2013
Commercial Paper Outstanding: Financial and Asset-Backed
Seasonally Adjusted
Billions of dollars
600
550
500
Financial
450
400
350
Asset-Backed
300
250
Aug
Sep
Oct
2012
Nov
Dec
Jan
Feb
Mar
Apr
May
2013
Research Division
Federal Reserve Bank of St. Louis
21
updated through
10/31/13
U.S. Financial Data
Interest Rates
Percent
Aug
Sep
Oct
Nov
30-Day
Comm.
Paper
90-Day
CDs
9
0.05
.
0.48
4.43
5.34
16
0.06
.
0.51
4.56
5.44
23
0.05
.
0.55
4.67
5.55
4.91
0.09
0.04
0.38
1.64
2.86
3.87
30
0.05
.
0.55
4.54
5.40
4.96
0.08
0.03
0.39
1.60
2.76
3.72
Federal
Funds
3-Month
Treasury
Bill
2-Year
Treasury
Securities
5-Year
Treasury
Securities
10-Year
Treasury
Securities
30-Year
Treasury
Securities
4.73
0.09
0.05
0.32
1.38
2.62
3.68
4.80
0.08
0.05
0.34
1.50
2.73
3.77
2-Year
Corporate Corporate Municipal
Interest
Rate Swap Aaa Bonds Baa Bonds
Bonds
6
0.05
.
0.62
4.67
5.49
5.03
0.08
0.02
0.47
1.76
2.92
3.84
13
0.05
.
0.60
4.70
5.54
4.93
0.08
0.02
0.46
1.73
2.92
3.85
20
0.05
.
0.52
4.67
5.49
4.66
0.08
0.01
0.36
1.54
2.79
3.81
27
0.05
.
0.48
4.54
5.37
4.53
0.08
0.02
0.35
1.43
2.66
3.68
4
0.05
.
0.46
4.58
5.41
4.53
0.08
0.02
0.33
1.39
2.64
3.71
11
0.10
.
0.48
4.58
5.38
4.57
0.08
0.05
0.37
1.43
2.68
3.72
18
0.11
.
0.47
4.55
5.32
4.68
0.10
0.08
0.34
1.39
2.66
3.70
25
0.05
.
0.44
4.46
5.21
4.56
0.09
0.04
0.32
1.32
2.55
3.62
0.05
.
0.43
4.47
5.22
.
0.08
0.04
0.32
1.30
2.54
3.62
1*
*Averages of rates available
Money Stock and Components
Reserves and Base
Billions of dollars, seasonally adjusted
Billions of dollars, seasonally adjusted
Sep
Oct
Small
Time
Adjusted
Monetary
Base
Adjusted
Reserves
7
3393.807
2266.68
21
3427.871
2274.61
4
3465.663
2316.36
18
3545.780
2402.97
2
3528.300
2368.95
2457.13
Savings
Retail
Money
557.3
7016.5
654.0
1758.8
1145
554.4
7026.0
654.0
1778.0
1147
552.1
7051.5
653.1
1800.6
12168
1149
553.7
7068.3
655.2
1840.9
12180
1148
553.5
7140.2
658.1
1829.3
10933
12172
1153
549.8
7073.2
657.7
1788.3
16
3624.843
10989
12183
1153
546.8
7100.0
658.6
1740.1
30
3628.131
Currency
M2
MZM
9
10786
11988
1143
16
10790
12013
23
10829
12077
30
10881
7
10905
14
21
Institutional
Money
Aug
Sep
Oct
.
Exchange Rates
Bank Loans and Credit
Billions of dollars, seasonally adjusted
Major
Exchange Exchange
Broad
Exchange Exchange
Rate:
Rate:
Euro/$
Yen/$
Rate Index Rate Index
Bank
Credit
Loans and
Leases
C&I
Loans
(All)
C&I
Loans
(Large)
Comm.
Paper
(sa)
Total
Borrowings
Sep 18
9999.9
7326.7
1574.6
856.4
229.5
0.286
Sep 13
76.5
102.2
0.753
99.7
25
9984.8
7319.5
1572.6
857.5
242.5
0.272
20
75.9
101.4
0.745
99.2
27
75.5
101.3
0.740
98.7
4
75.2
101.3
0.737
97.6
Oct
2
10010.7
7343.1
1594.3
872.1
234.5
0.261
9
10010.8
7333.9
1589.6
867.8
243.9
0.237
16
10042.5
7363.7
1604.4
879.4
Oct
246.7
0.237
11
75.5
101.3
0.738
97.5
23
.
.
.
.
236.4
0.243
18
75.4
100.8
0.736
98.3
30
.
.
.
.
236.0
0.233
25
74.9
100.5
0.726
97.7
Research Division
22
Federal Reserve Bank of St. Louis
U.S. Financial Data
Definitions
M1: The sum of currency held outside the vaults of depository
institutions, Federal Reserve Banks, and the U.S. Treasury; travelers
checks; and demand and other checkable deposits issued by financial
institutions (except demand deposits due to the Treasury and depository
institutions), minus cash items in process of collection and Federal
Reserve float.
M2: M1 plus savings deposits (including money market deposit
accounts) and small-denomination (less than $100,000) time deposits
issued by financial institutions; and shares in retail money market
mutual funds (funds with initial investments of less than $50,000), net
of retirement accounts.
M3: M2 plus large-denomination ($100,000 or more) time deposits;
repurchase agreements issued by depository institutions; Eurodollar
deposits, specifically, dollar-denominated deposits due to nonbank U.S.
addresses held at foreign offices of U.S. banks worldwide and all
banking offices in Canada and the United Kingdom; and institutional
money market mutual funds (funds with initial investments of $50,000
or more).
Notes
Cover Page: Economic forecasts are median responses from the
Thomson Reuters Weekly Economic Survey, which is sent out to 20
to 25 Wall Street economists each week (usually on Tuesday). These
forecasts are released on Friday—at which time, Thursday’s USFD
cover page will be updated.
Page 3: Adjusted Monetary Base equals the sum of currency in
circulation outside Federal Reserve Banks and the U.S. Treasury,
deposits of depository financial institutions at Federal Reserve Banks,
and an adjustment for the effects of changes in statutory reserve requirements on the quantity of base money held by depositories. This series
is a spliced chain index; see Anderson and Rasche (1996a, 1996b,
2001, 2003).
Page 4: Adjusted Reserves is defined as the sum of vault cash and
Federal Reserve Bank deposits held by depository institutions and an
adjustment for the effects of changes in statutory reserve requirements
on the quantity of base money held by depositories. This series, a
spliced chain index, is numerically larger than the Board of Governors’
measure, which excludes vault cash not used to satisfy statutory reserve
requirements and Federal Reserve Bank deposits used to satisfy required
clearing balance contracts; see Anderson and Rasche (1996a, 2001,
2003).
Page 5: MZM includes the zero maturity, or immediately available,
components of M3. MZM equals M2 minus small-denomination time
deposits, plus institutional money market mutual funds (that is, the
money market mutual funds included in M3 but excluded from M2).
The label MZM, or “Money, Zero Maturity,” was coined by William
Poole (1991) for this aggregate, proposed earlier by Motley (1988).
Readers are cautioned that since early 1994 the level and growth of
M1 have been depressed by retail sweep programs that reclassify
transactions deposits (demand deposits and other checkable deposits)
as savings deposits overnight, thereby reducing banks’ required
reserves; see Anderson and Rasche (2001) and
research.stlouisfed.org/aggreg/swdata.html.
Page 7: The asset groups are aggregates of the following categories
on the H.4.1: Short-term lending to financial firms and markets is
the sum of repurchase agreements, term auction credit, commercial
paper funding facility, central bank liquidity swaps, money market
investor funding facility, other loans (less AIG loan), and other assets.
Rescue operations is the sum of credit extended to AIG, and net
Research Division
Federal Reserve Bank of St. Louis
portfolio holdings of Maiden Lanes I, II, III, and preferred interests in
AIA Aurora and ALICO Holdings. Operations focused on long term
credit conditions is the sum of Federal Reserve agency obligations held
outright, mortgage backed securities, the term asset-backed securities
loan facility (TALF), and the TALF LLC. Traditional portfolio is the
sum of treasury securities, gold certificate account, special drawing
rights, coin, items in process of collection, and bank premises. On the
liability side, Source base is the sum of deposits of depository institutions and Federal Reserve notes. Treasury financing account appears
on the H.4.1. Traditional liabilities and capital account is the sum
of deferred availability cash items, foreign official account deposits,
U.S. Treasury general account, accrued dividends, reverse repurchase
agreements, other deposits, and capital accounts. H.4.1 data are not
seasonally adjusted.
Page 8: Federal Reserve Holdings of U.S. Treasury Securities
include nominal securities, inflation-indexed securities, and the compensation that adjusts for the effect of inflation on the original face
value of inflation-indexed securities (inflation compensation). Term
Deposits Held by Depository Institutions are interest-bearing deposits
with a specific maturity date offered by the Federal Reserve Banks.
For more information on the Term Deposit Facility, see
http://www.frbservices.org/centralbank/term_deposit_facility.html.
Page 9: Current data appear in the Federal Reserve Board’s H.4.1
release. For more information, see
http://www.federalreserve.gov/newsevents/recentactions.htm.
Page 10: Current data appear in the Federal Reserve Board’s H.15
release, except for the Intended Federal Funds Rate. Federal Funds
Rate represents seven-day averages for the week ending two days
earlier than the date shown in the release.
Page 11: Yields on the 10-year U.S. Treasury security, Aaa- and Baarated corporate bonds, and the interest rate on 3-year conforming
mortgages appear in the Federal Reserve Board’s H.15 release. The
interest rates on jumbo mortgages (typically, mortgages in excess of
$417,000) are listed in the Wall Street Journal.
Page 12: Inflation-Indexed Treasury Yields are the most recently
issued inflation-indexed bonds of 5- ,10- , and 30-year original maturities. Inflation-Indexed Treasury Yield Spreads equal the difference
between yields on the most recently issued inflation-indexed bonds
and the unadjusted Treasury Note Yields of similar maturities.
Page 13: Rates on Federal Funds Futures Contracts trace through
time the yield on three specific contracts. Rates on Federal Funds
Futures on Selected Dates displays a single day’s snapshot of yields
for contracts expiring in the months shown on the horizontal axis.
Page 15: Crude Oil (West Texas intermediate) spot and futures prices
are listed in the Wall Street Journal. Spot Prices are weekly averages
of daily prices; Futures Prices are usually taken on Wednesday.
Page 16: Natural Gas (Henry Hub) spot and futures prices are listed
in the Wall Street Journal. Spot Prices are weekly averages of daily
prices; Futures Prices are usually taken on Wednesday.
Page 17: Data appear in the Federal Reserve Board’s H.10 release.
The Major Index comprises 7 currencies. The Broad Index comprises
the Major Index plus 19 additional currencies. Further details may
be found at www.federalreserve.gov/releases/h10/summary/.
Page 18: Data appear in the Federal Reserve Board’s H.6 release.
Savings Deposits is the sum of money market deposit accounts and
passbook and statement savings. Small Time Deposits have a minimum
initial maturity of 7 days. Savings deposits and small time deposits
are at all depository institutions.
23
U.S. Financial Data
Page 19: Data appear in the Federal Reserve Board’s H.6 and H.4.1
releases. Retail Money Funds are included in M2. Institutional
Money Funds are not part of M2; they used to be included in M3,
which was discontinued as of March 23, 2006.
See www.federalreserve.gov/releases/h6/discm3.htm.
Federal Reserve Bank of St. Louis
Adjusted monetary base, adjusted reserves, and MZM.
Total Borrowings include loans to depository institutions for (i)
primary, secondary, and seasonal credit and (ii) primary dealer and
other broker-dealer credit. This category also includes the assetbacked commercial paper money market mutual fund liquidity facility,
credit extended to American International Group, Inc., term assetbacked securities loan facility, and other credit extensions. Term auction credit is excluded. Data and recent information regarding Federal
Reserve lending programs appear in the Federal Reserve Board's
H.4.1 release at http://www.federalreserve.gov/releases/h41/Current/.
Standard & Poor’s
Standard & Poor’s 500 composite index.
Page 20: Data appear in the Federal Reserve Board’s H.8 release.
Bank Loans and Credit include foreign-related institutions. Bank
Credit includes loans and leases and securities. All Banks includes
foreign-related institutions. Large Banks are domestically chartered
banks (adjusted for mergers) and report on a weekly basis.
Page 21: Current data appear at
www.federalreserve.gov/releases/cp/outstandings.htm.
Page 22: Treasury Security yields are Treasury constant maturities
as reported in the Board of Governors of the Federal Reserve
System’s H.15 release.
The 3-Month Treasury Bill yield is the secondary market yield from
the H.15 release. Federal Funds represents seven-day averages for
the week ending two days earlier than the date shown in the table.
Municipal Bonds represents Bond Buyer’s Average Index of 20
municipal bonds, Thursday data.
Sources
Board of Governors of the Federal Reserve System
Monetary aggregates and components: H.6 release. Bank credit: H.8
release. Total Borrowings and Federal Reserve Balance Sheet
Items: H.4.1 release. Interest rates: H.15 release. Exchange rates:
H.10 release. Commercial paper: Board of Governors web site.
Chicago Board of Trade
Federal funds futures contract.
Dow Jones Indexes
Dow Jones Industrial Average.
24
NASDAQ Stock Market, Incorporated
NASDAQ Composite.
U.S. Department of the Treasury
U.S. inflation-indexed security yields.
Wall Street Journal
Jumbo mortgage interest rates, oil (West Texas intermediate) and
natural gas (Henry Hub) spot and futures prices.
Wilshire Associates Incorporated (www.wilshire.com)
Wilshire 5000 .
References
Anderson, Richard G. and Robert H. Rasche (1996a). “A Revised
Measure of the St. Louis Adjusted Monetary Base,” Federal
Reserve Bank of St. Louis Review, March/April, 78(2), pp. 3-13.
____ and ____(1996b). “Measuring the Adjusted Monetary Base in
an Era of Financial Change,” Federal Reserve Bank of St. Louis
Review, November/ December, 78(6), pp. 3-37.
____ and ____(2001). “Retail Sweep Programs and Bank Reserves,
1994-1999,” Federal Reserve Bank of St. Louis Review,
January/February, pp. 51-72.
____ and ____ , with Jeffrey Loesel (2003). “A Reconstruction of the
Federal Reserve Bank of St. Louis Adjusted Monetary Base and
Reserves,” Federal Reserve Bank of St. Louis Review,
September/October, 85(5), pp. 39-70.
Motley, Brian (1988). “Should M2 Be Redefined?” Federal Reserve
Bank of San Francisco Economic Review, Winter, pp. 33-51.
Poole, William (1991). Statement before the Subcommittee on
Domestic Monetary Policy of the Committee on Banking, Finance
and Urban Affairs, U.S. House of Representatives, November 6,
1991. Government Printing Office, Serial No. 102-82.
Note: Articles from this Bank’s Review are available on the Internet
at research.stlouisfed.org/publications/review/.
Research Division
Federal Reserve Bank of St. Louis
@FedFRASER